Phelps Dunbar LLP’s Post

Check out this update on the Corporate Transparency Act.

⏰ Reminder: Corporate Transparency Act Deadline Approaching! ⏰ Most U.S. entities will need to comply with the Corporate Transparency Act (CTA) by filing beneficial ownership information (BOI) reports with FinCEN by December 31, 2024. Non-compliance could lead to significant penalties. Our latest article provides a comprehensive overview of the CTA, including: 💠 What the CTA entails 💠 Steps to file BOI reports 💠 Exemptions and penalties 💠 How Bernstein Shur can assist you 💠 Helpful resources Stay informed and ensure your business is compliant. Read the full article for all the details: https://bit.ly/3BzDvxb

The Corporate Transparency Act aims to increase accountability, but with it comes a complex compliance process. Our upcoming CLE session will equip you with the knowledge to evaluate whether your business needs to report, identify exemptions, and understand amendment obligations. Hear from experts with real-world experience to gain practical insights. Secure your spot today: [https://lnkd.in/eADNN6H2] #BusinessCompliance #LegalEducation #BOIReporting #FinCEN

With the CTA deadline of January 1, 2025, fast approaching, understanding your BOI reporting obligations is crucial. Our informative webcast will guide you through the process, including potential penalties for non-compliance and who will have database access. Stay ahead with insights into state mini-CTAs and recent legal developments. Register here: [https://lnkd.in/eADNN6H2] #CorporateTransparency #BusinessLaw #ComplianceTraining #CTA2025

If you don't receive newsletters from accountants or lawyers, you may not have heard about the Corporate Transparency Act (CTA) beneficial ownership information (BOI) reporting requirements. Some of you may have filed your initial BOI reports, but most companies required to report haven't as the end-of-the-year deadline approaches. The good news (for now) is that earlier this week a Texas district court issued a nationwide preliminary injunction on enforcement actions related to the CTA. So you can take this item off your December checklist for now, but please keep an eye on these developments since you'll want to quickly get in compliance if the federal government wins on appeal.

Breaking news: The Corporate Transparency Act (CTA) has been halted nationwide.   An injunction of the CTA has stayed the Jan. 1 deadline for filing Beneficial Ownership Information (BOI) reports. Check out our article for details: https://buff.ly/4flerZ9

Important Update: Corporate Transparency Act Reporting Paused There's been a recent development regarding the Corporate Transparency Act (CTA). A federal court has temporarily halted the reporting requirements, meaning businesses previously required to submit Beneficial Ownership Information (BOI) reports by January 1, 2025, are currently exempt. This applies to both companies formed in 2024 and before. While you don't need to register at this time, you still have the option to do so or wait for further updates. We will keep you informed of any changes to the CTA and its reporting requirements.

Under the new Corporate Transparency Act (CTA), companies must now report key information to FinCEN about the individuals who ultimately own or control them. Staying informed and proactive is crucial to ensure your business meets the new requirements. Here’s what you need to do: Understand the requirements: ➭ Familiarize yourself with what the CTA mandates, including who must report and what information is required. Gather necessary information: ➭ Start collecting the details you’ll need to submit, such as ownership information and business structure. Consult with advisors: ➭ Work with legal and financial advisors to ensure your reporting is accurate and complete. Implement compliance procedures: ➭ Set up internal processes to manage and maintain CTA compliance on an ongoing basis. Stay updated: ➭ The CTA regulations may evolve, so stay updated on any changes or new requirements. Don’t wait until the last minute—preparation is key to ensuring your business stays compliant and avoids potential penalties.

Important update about the Corporate Transparency Act (CTA)! There is now a preliminary injunction in place so filings are not necessary. Stay tuned though as this is just a preliminary ruling and a final determination is still pending. If you have any questions, don't hesitate to reach out to me.

On Dec. 3, 2024, a Texas federal court granted a nationwide preliminary injunction, halting enforcement of the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting requirements. This decision has significant implications for small businesses across the U.S. 👉 What does this mean? The enforcement of the CTA and its BOI reporting requirement is now on hold. Businesses categorized as "reporting companies" under the CTA are not required to submit BOI reports before the end of 2024. Thanks to this court decision, small businesses can breathe a sigh of relief — for now. Compliance deadlines are stayed, and no BOI reports are required before January 1, 2025. What’s your take on this decision? 💬